Accounting Standards Board The Institute of Chartered Accountants of India 2nd June, 2021 Exposure Draft of Definition of Accounting Estimates – Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors As you are kindly aware that the Indian Accounting Standards (Ind AS) …
shivangiverma10
April 29, 2021
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench ruled that the revisional Power exercised by CIT(A) based on ‘cut & paste’ reasoning is invalid. Facts of the case:- The assessee, Satish Kumar Lakhmani has raised a legal issue wherein he has challenged the assumption of jurisdiction …
shivangiverma10
April 26, 2021
Judgment:- The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench held that no TDS applicable if the threshold limit of Rs.20,000 is not satisfied. The revenue has raised the issue of whether the CIT(A) is right in deleting the addition of Rs.3,94,38,302/- made by the AO under …
shivangiverma10
April 26, 2021
Judgment:- The Calcutta High Court while providing temporary relief to the Knight Riders restrained the Adjudicating Authorities under PMLA from issuing any notice of hearing on the basis of the provisional order of attachment. Facts of the case:- The petitioner, Knight Riders argued that, despite a …
shivangiverma10
April 13, 2021
Judgement:- The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Delhi Bench held that the burden of proof for alleged clandestine removal of goods is upon the department. Facts of the case:- The present order disposes of four appeals arising out of the order of Commissioner, …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Delhi Bench deleted the penalty on account of alleged concealment of Income. Facts of the case:- The notices under section 153A of the Income Tax Act, 1961 were issued along with questionnaires were issued to the assessee, and the …
shivangiverma10
March 23, 2021
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench allowed the Long-Term Capital Loss arising from the sale of Government Securities after applying the Cost Inflation Index. Facts of the case:- The assessee, Peerless General Finance & Investment Company Limited in the present case is a Non-Banking …
shivangiverma10
March 18, 2021
Judgement:- The Income Tax Appellate Tribunal (ITAT), Chandigarh bench, while granting relief to a 70-year old taxpayer, quashed re-assessment under Sec.148 of the Income Tax Act since the same was passed mechanically without application of mind. Facts of the case:- The Order was passed in an …
shivangiverma10
March 17, 2021
1. The Central Board of Direct Taxes (CBDT) notified the new Income Tax Form 15E and Rule 29BA for application for grant of certificate for determination of the appropriate proportion of sum (other than Salary), payable to a non-resident, chargeable in case of the recipients. The …
